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Canada Dismisses US Trade Deal After Last-Minute Changes
(MENAFN) Canada rejects a proposed trade agreement with the United States after Washington introduces a series of late changes that Ottawa considers economically damaging and heavily one-sided, according to reports.
Canadian Prime Minister Mark Carney says the final US proposals fail to adequately protect Canada's national interests and questions whether Washington can be relied upon to honor a future agreement.
“Last-minute changes in the US proposed terms were unfair, uneconomic and called into question the reliability of any deal,” Canadian Prime Minister Mark Carney said.
Following the breakdown in negotiations, Carney announces plans for dollar-for-dollar retaliatory tariffs against US products beginning Sept. 8.
The dispute reportedly centers on several major areas, including steel, automobiles and alcoholic beverages. Washington seeks to limit Canadian steel exports to 4 million tonnes while maintaining a 25% tariff, with the rate reportedly doubling on shipments exceeding the proposed quota.
US negotiators also seek changes to automotive trade rules that would allow only American-made components to qualify for tariff exemptions. At the same time, Canada would be expected to remove its retaliatory measures targeting US steel and vehicles.
Another US demand reportedly calls for Canadian provincial authorities to “end retaliatory bans on American alcohol.”
The disagreements ultimately lead Ottawa to reject the proposed framework, leaving trade relations between the two countries strained.
Canadian Prime Minister Mark Carney says the final US proposals fail to adequately protect Canada's national interests and questions whether Washington can be relied upon to honor a future agreement.
“Last-minute changes in the US proposed terms were unfair, uneconomic and called into question the reliability of any deal,” Canadian Prime Minister Mark Carney said.
Following the breakdown in negotiations, Carney announces plans for dollar-for-dollar retaliatory tariffs against US products beginning Sept. 8.
The dispute reportedly centers on several major areas, including steel, automobiles and alcoholic beverages. Washington seeks to limit Canadian steel exports to 4 million tonnes while maintaining a 25% tariff, with the rate reportedly doubling on shipments exceeding the proposed quota.
US negotiators also seek changes to automotive trade rules that would allow only American-made components to qualify for tariff exemptions. At the same time, Canada would be expected to remove its retaliatory measures targeting US steel and vehicles.
Another US demand reportedly calls for Canadian provincial authorities to “end retaliatory bans on American alcohol.”
The disagreements ultimately lead Ottawa to reject the proposed framework, leaving trade relations between the two countries strained.
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